Jan 10, 2014

What are the top data analytic challenges?

Looking for key areas to focus on when planning our big data strategy this year. Top challenges. Best practices.
Four strategies to capture and create value from big data

"Five years ago, most companies collected data that were a part of their daily transactions and stored them in a database. This data was used primarily to keep track of operations or forecast needs. Today, both the sources and volume of data collected have exploded. It is now possible to collect click-stream data about every potential customer interaction with your web site. Marketers can also collect information about every conversation people are having about their brand. These sources of data have created modern-day treasure troves that can be mined to glean insights into products, services and customers. While this is conceptually possible, it requires the implementation of new processes, technology and governance mechanisms that are collectively being referred to as big data. Today, big data is big business.

We define “big data” as a capability that allows companies to extract value from large volumes of data. Like any capability, it requires investments in technologies, processes and governance. The research firm IDC forecasts that the big data services and technology market will grow in value from $3.2 billion in 2010 to $16.9 billion in 20151."

Tom Davenport has a book titled "Big data @ work" (Harvard Business Review Press) which is out next month and which goes into detail about the big data strategies of major enterprises. That might be a good start.


Here's an interview with Davenport in which he discusses how enterprises can use big data.


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